Network gear maker Cisco Systems (CSCO) boosted its bet on cloud computing, agreeing to pay $1.2 billion for San Francisco-based Meraki. Reuters reported Meraki as privately held, receiving funding from Google (GOOG) and venture capitalist Sequoia Capital. The company specializes in complete package Wi-Fi networking systems for smaller Internet service providers. Cisco said the deal was subject to regulatory approval, and could close during the fiscal quarter ending in January. Cisco shares rose 1% in premarket trade.

U.K.-based HSBC (HBC) rose 2% in early action on news that it had entered talks to sell its $9.3 billion stake in Ping An, a China-based insurer. Reuters reported Europe's largest bank, in a statement to the Hong Kong Stock Exchange, named Thai investor Dhanin Chearavanont as the potential suitor.

Home improvement retailer Lowe's (LOW) climbed 4% ahead of the bell. It reported third-quarter sales rose 2% to $12.9 billion, better than the $11.9 billion expected by analysts. The company lifted its full-year revenue guidance, but guided earnings to just below analyst forecasts.

Best Buy (BBY) bounced 5% higher, ahead of its earnings report due Tuesday. Analysts expect a 58% decline in EPS and an 11% drop in sales. The stock tumbled 10% in heavy trade Friday.

Three-dimensional printer maker 3D Systems (DDD) posted the group's largest premarket move, up 4%. A press conference was underway early Monday in which the company said it would address recent questions raised regarding its accounting methods. The stock dropped 17% last week to close just below support at its 10-week moving average.

Overseas, Europe's major indexes remained in positive territory heading into afternoon trade. China's markets started the week with narrow gains. Tokyo's Nikkei 225 in Japan jumped 1.4%, adding to the index's 3% advance last week.

The euro crept higher and the yen continued to slip vs. the dollar. Commodities shifted higher, with oil prices ratcheting above $88 a barrel, nearly 2% above Friday's close at $86.67. Gold edged up less than 1%.

On the economic calendar, two pieces of housing market news are due out at 10 a.m. EST. The National Association of Realtors plans to release existing home sales data for October, and the National Association of Home Builders will deliver its Builder Confidence index.